<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Home</a> prices could fall between 15% and 20% in the wake of elevated <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">prices</a> induced by a variety of <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economic</a> phenomena, according to a <a href="https://www.dallasfed.org/research/economics/2022/1115" target="_blank" rel="noopener">report</a> from the Federal Reserve Bank of Dallas.
Median home sale prices surged from $322,600 in the second quarter of 2020 to $454,900 in the third quarter of 2022, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development. The increased prices over the past two years reflect higher consumer demand spurred by cheap credit, pandemic-era lifestyle changes such as virtual work and migration between states, and stimulus measures from the lockdown-induced recession, according to Federal Reserve Bank of Dallas senior research economist Enrique Martínez-García.
Prices had already been steadily increasing over the past decade as a result of constrained housing supply, while lockdowns introduced logistics bottlenecks and higher labor costs that further restricted the number of available homes, according to the report, which added that soaring home prices produced a “fear of missing out” among buyers and investors who rushed to acquire properties.
“A housing boom — such as the pandemic-era run-up — becomes frothy when the belief becomes widespread that today’s robust price increases will continue unabated … This self-fulfilling mechanism leads to exponential price growth until a price correction inevitably occurs,” Martínez-García said. “Moreover, the latest statistics … closely parallel the preceding housing bubble, with the data once again showing evidence of explosive behavior in the price-to-rent and price-to-income ratios as well.”
A plummet in home prices might complicate efforts from policymakers at the Federal Reserve to cut inflation. Central bankers have increased the target federal funds rate at four consecutive 0.75% increments. “Achieving a soft economic landing … cannot be taken for granted given that further monetary policy tightening can increase the household mortgage debt servicing burden and boost the odds of a severe house price correction,” wrote Martínez-García.
Indeed, actions from the Federal Reserve have caused mortgage rates to witness one of the most significant sustained increases in decades. The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac, before rising to more than 7% earlier this month.
Mortgage rates have, in turn, impacted housing affordability even as evidence of a <a href="https://www.dailywire.com/news/home-prices-are-dropping-at-fastest-pace-ever-recorded-by-key-index" target="_blank" rel="noopener">decline in home prices</a> continues to mount. According to an <a href="https://www.dailywire.com/news/americans-now-need-a-six-figure-salary-to-afford-a-median-priced-home" target="_blank" rel="noopener">analysis</a> from real estate brokerage Redfin, monthly mortgage payments on the typical home have surged more than 45% since the same time last year to reach $2,682, implying that the annual salary necessary to afford such a property has increased from $73,668 to $107,281. Four of the five metropolitan areas seeing the greatest cost increases are in the state of Florida, which has also seen the fastest influx of residents from other states over the past two years, while all five of the most expensive cities are in California, which is among the states witnessing the fastest population decline.
Demand among potential homebuyers across the country continues to <a href="https://www.dailywire.com/news/pending-home-sales-plummet-as-housing-market-is-rocked-by-soaring-mortgage-rates" target="_blank" rel="noopener">plummet</a> due to elevated mortgage rates. The Pending Home Sales Index from the National Association of Realtors declined 10.2% in September, exceeding the 3.8% consensus from analysts while pending transactions have fallen year-over-year by 31.0%.

Houses on suburban block, Apopka, Florida

Here’s How Much Home Prices Could Soon Plunge

Home Prices Could Fall As Much As 20%

Economy

Federal Reserve

Housing

Inflation

Real estate

U.S.

Homebuyers in the United States must earn six-figure salaries in order to afford a median-priced home, according to an <a href="https://www.redfin.com/news/homebuyer-income-increase-october-2022/" target="_blank" rel="noopener">analysis</a> from <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">real estate</a> brokerage Redfin.
As housing prices remain elevated and the monthly mortgage payment on the typical home surges more than 45% since the same time last year to reach $2,682, the annual salary required to afford such a property has increased from $73,668 to $107,281. Average hourly wages have nominally increased 5% over the same period as <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> continues to erode consumer purchasing power.
“High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want,” Redfin Agent Chelsea Traylor, who works in Washington, D.C., commented. “If you had a $900,000 budget a few months ago, rising rates mean it’s now around $700,000 — and sellers aren’t dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas.”
Four of the five metropolitan areas with the most rapid increase in annual income required to afford a median-priced home are located in the state of Florida. Buyers in the city of North Port must earn $131,535 to afford a $3,288 monthly payment, while those in Miami, Tampa, and Cape Coral must likewise collect six-figure salaries.
Meanwhile, the five metropolitan areas requiring the highest income are all in California, with buyers in San Francisco needing a $402,821 salary to afford a $10,071 monthly payment. A previous <a href="https://www.dailywire.com/news/housing-affordability-plummets-to-new-low-with-all-the-least-affordable-housing-markets-in-california" target="_blank" rel="noopener">report</a> from the National Association of Home Builders likewise found that all of the least affordable real estate markets in the country are in the Golden State.
Florida saw the nation’s largest net domestic migration between July 2020 and July 2021, with more than 220,000 people moving to the state, according to <a href="https://www.census.gov/newsroom/press-releases/2021/2021-population-estimates.html" target="_blank" rel="noopener">data</a> from the Census Bureau. Florida was followed by Texas and Arizona, while New York, California, and Illinois led the nation in terms of population decline.
Traylor remarked that some buyers are waiting for prices or rates to decrease before they purchase a home. “I’m encouraging buyers to think long term,” she continued. “Prices are unlikely to fall drastically in the long run, so buying a home now — if you can afford the monthly payment — will still help you build wealth over time, especially if you plan to live in it for several years. Even though rates are high, another advantage of buying now is the lack of competition and opportunity to negotiate with sellers.”
As of one year ago, homebuyers only needed six-figure salaries to afford a median-priced home in 16 metropolitan areas considered by Redfin. Today, however, such conditions exist in 45 cities.
Recent declines in housing affordability occur as mortgage rates witness one of the largest sustained increases in decades. The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. The rate surged from approximately 3% earlier this year to more than 7% earlier this month, with most of the increases occurring after the Federal Reserve hiked target interest rates at four consecutive 0.75% increments.

Housing Subdivision

Americans Now Need A Six-Figure Salary To Afford A Median-Priced Home

California Has All Of The Nation's Most Expensive Real Estate. Florida Has The Most Growth In Housing Costs.

California

Florida

Eleven major metropolitan areas in the United States saw median rental rates decline last month, according to an <a href="https://www.redfin.com/news/redfin-rental-report-october-2022/" target="_blank" rel="noopener">analysis</a> from <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">real estate</a> brokerage Redfin, as economic headwinds and inflationary pressures discourage renters from moving.
The company found that the median nationwide asking rent rose 7.8% year-over-year, constituting the second consecutive month of single-digit increases following nearly one year of double-digit gains. The typical renter is now paying $1,983, marking a 0.9% month-over-month decrease from September.
“Demand for rentals is slowing because economic uncertainty is prompting many renters to stay put, and persistent inflation is shrinking renter budgets. That’s causing rent growth to cool,” Redfin Deputy Chief Economist Taylor Marr said in a press release. “There are signs that inflation is starting to ease, but it will likely be a while before renters see meaningful relief given that rents are still up more than wages.”
Milwaukee, Wisconsin, saw a 17.6% decline in rental prices between September and October, representing the largest decline of any other major metropolitan real estate market. Rents in Minneapolis, Minnesota, fell 7.8%, while those in Baltimore, Maryland, and Seattle, Washington, decreased 3.2% and 2.7% respectively. Cities in the Midwest and South saw the most rapid increases, with prices in Oklahoma City, Oklahoma, surging 31.7% month-over-month as prices in Raleigh, North Carolina, and Cincinnati, Ohio, increased 21% and 17% respectively.
Only five metropolitan areas saw rent decline during the month of September. New York City, New York, currently maintains the country’s highest median rent at $4,068.
Earlier reports indicated that soaring real estate prices caused some would-be homebuyers to <a href="https://www.dailywire.com/news/rental-market-remains-brutal-nationwide-cools-in-some-large-cities" target="_blank" rel="noopener">search for apartments</a> rather than contending with elevated purchasing costs, introducing upward price pressure in some rental markets. Home prices are now falling due to higher mortgage rates discouraging demand; nevertheless, affordability is also plummeting because of higher mortgage payments, according to <a href="https://www.dailywire.com/news/housing-affordability-plummets-to-new-low-with-all-the-least-affordable-housing-markets-in-california" target="_blank" rel="noopener">data</a> from the National Association of Home Builders.
The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. The rate has surged from approximately 3% earlier this year to more than 7% earlier this month, with most of the increases occurring after the Federal Reserve hiked target interest rates at the fastest pace in three decades.
“The housing market and affordability conditions have continued to weaken throughout the year as rising mortgage rates, supply chain bottlenecks and a lack of skilled construction workers continue to push housing costs higher,” National Association of Home Builders Chairman Jerry Konter said in a <a href="https://www.nahb.org/news-and-economics/press-releases/2022/11/housing-affordability-falls-to-more-than-10-year-low-as-rising-interest-rates-take-a-toll" target="_blank" rel="noopener">statement</a>. “Entry-level buyers are particularly hurt, as more of them are getting priced out of the market.”
Metrics such as the National Association of Realtors’ Pending Home Sales Index have <a href="https://www.dailywire.com/news/pending-home-sales-plummet-as-housing-market-is-rocked-by-soaring-mortgage-rates" target="_blank" rel="noopener">witnessed</a> rapid declines, further demonstrating lower market interest in new home purchases. Fannie Mae, a government-sponsored enterprise which securitizes mortgage loans, predicted in an <a href="https://www.fanniemae.com/research-and-insights/forecast/fed-maintains-its-resolve-markets-build-risk#:~:text=As%20measured%20by%20the%20Fannie%20Mae%20Home%20Price%20Index%20(FNM,negative%20beginning%20in%20Q2%202023." target="_blank" rel="noopener">analysis</a> last month that home prices will decline 1.5% in 2023; meanwhile, estimated increases in home prices were revised from 16% to 9% for 2022. The organization noted early signs of cooling labor market pressures, which had constrained builders’ capacity to increase housing inventory, although interest rates are still projected to increase.

Milwaukee apartments

Rent In Some Large Cities Begins To Fall

Milwaukee

John Ray III, the lawyer who is overseeing the bankruptcy proceedings of defunct <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrency</a> platform FTX, said that executives at the <a href="http://dailywire.com/topic/business" target="_blank" rel="noopener">company</a> formerly led by disgraced billionaire Sam Bankman-Fried purchased <a href="http://dailywire.com/topic/real-estate" target="_blank" rel="noopener">real estate</a> for themselves using corporate funds with little formal oversight.
According to a <a href="https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf" target="_blank" rel="noopener">court filing</a> submitted by the seasoned attorney, who previously represented plaintiffs after the collapse of fraudulent energy company Enron, leadership at the cryptocurrency venture lacked disbursement controls “appropriate for a business enterprise,” allowing executives to “purchase homes and other personal items for employees and advisors” in the Bahamas using corporate funds.
“I understand that there does not appear to be documentation for certain of these transactions as loans,” the lawyer wrote, “and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas.”
Bankman-Fried, who was one of the Democrats’ <a href="https://www.dailywire.com/news/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx" target="_blank" rel="noopener">largest donors</a> in the recent midterm elections, reportedly listed his $40 million penthouse in Nassau on the same day that FTX declared bankruptcy, although Ray did not mention any specific properties in the court documents. The apartment included five bedrooms, a private elevator, a spa and pool, and a view of the Atlantic Ocean, according to a <a href="https://www.semafor.com/article/11/14/2022/ftx-founder-sam-bankman-fried-puts-bahamas-penthouse-up-for-sale-for-40-million" target="_blank" rel="noopener">report</a> from Semafor, which confirmed that the property belonged to the young entrepreneur and was also occupied by his senior coworkers.
Ray, who was appointed chief executive of FTX to manage the company’s restructuring, noted that employees had been submitting payment requests through an online chat platform “where a disparate group of supervisors approved disbursements by responding with personalized emojis.” A centralized disbursement approval process has been established under the attorney’s leadership.
FTX filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> last week after users discovered that firms controlled by Bankman-Fried and his associates were allegedly fraudulently intertwined, causing a liquidity crisis as users rushed to withdraw funds. The fallout has provoked calls for greater regulations on the cryptocurrency sector and will be the subject of a <a href="https://www.dailywire.com/news/bipartisan-committee-to-hear-from-sam-bankman-fried-and-crypto-allies-next-month" target="_blank" rel="noopener">bipartisan hearing</a> hosted by the House Financial Services Committee next month.
Alameda Research, a cryptocurrency trading firm led by Caroline Ellison, a former love interest of Bankman-Fried, allegedly funneled customer holdings from FTX to make investments. All of the individuals who lived in the penthouse “are, or used to be, paired up in romantic relationships with each other,” according to a <a href="https://www.dailywire.com/news/amphetamine-fueled-polycule-or-undersexed-group-of-nerds-inside-ftxs-bahamas-culture" target="_blank" rel="noopener">report</a> from CoinDesk based upon interviews with unnamed sources. Speculation mounted on social media as to whether the executives were engaged in a romantic network called a “polycule.”
Ray said elsewhere in the court document that the company formerly led by Bankman-Fried was extraordinarily mismanaged. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he wrote. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
The attorney added in the court document that his current objectives are implementing cybersecurity, risk management, data protection, and “other systems that did not exist,” as well as locating missing or stolen property and cooperating with relevant regulatory agencies in multiple jurisdictions. Bankman-Fried is reportedly seeking $8 billion from investors to <a href="https://www.dailywire.com/news/former-crypto-billionaire-sam-bankman-fried-whose-entire-fortune-just-went-to-zero-is-calling-around-for-new-investors" target="_blank" rel="noopener">cover withdrawal requests</a> made by customers.

Collage Maker-17-Nov-2022-02.22-PM

FTX Executives Reportedly Bought Themselves Real Estate In The Bahamas With Corporate Funds

FTX Execs Reportedly Used Corporate Dollars To Buy Themselves Tropical Real Estate

Business

Cryptocurrency

Fraud

Just in time for the <a href="https://www.dailywire.com/topic/christmas">holidays</a>, fans can purchase the original house used in “A Christmas Story.” 
The 1.3-acre property, located at 3159 West 11th Street in the Tremont neighborhood of <a href="https://www.dailywire.com/topic/cleveland">Cleveland</a>, Ohio, was just listed for sale on its official <a href="https://www.achristmasstoryhouse.com/forsale/">website</a>.
Real estate agent Chad Whitmer confirmed that the listing includes the house, the Bumpus house, a 4,000-square-foot gift shop, a museum, and several vacant lots that the home’s current owner has purchased. No price was given, but the Zillow estimate on the house alone is $188,000. Due to the popularity of the home and the additional buildings, it will likely sell for a lot more than that.
The house was built in 1895 and used while filming the Christmas movie, which went on to become a cult classic. The film was based on the 1966 book, “In God We Trust: All Others Pay Cash,” and focused on an average middle-class family in the 1940s. The main character Ralphie is hoping to get a Red Ryder Carbine Action 200-Shot Range BB gun for Christmas. 
After falling into disrepair, the home used in the movie was sold on eBay in December 2004 and renovated to resemble how it appeared in the film. Public tours began in November 2006, the website noted, and since then, more than one million fans have come to see the property. 
Per the website, the museum “features the largest collection of original costumes, props, behind-the-scenes photos and other items from the movie.” A detached garage includes a 1939 Ford LaFrance firetruck just like the one featured in the film.
&#8220;It is definitely exciting for the city of Cleveland,&#8221; Whitmer <a href="https://www.foxnews.com/lifestyle/a-christmas-story-house-ohio-listed-sale-just-time-christmas-definitely-exciting">told</a> Fox News digital of the listing becoming available. “They have turned [the home] into something special.&#8221; The Ohio-based agent said he expects the property to sell for somewhere in the eight figures.
Whitmer also noted that there’s an opportunity for new owners to expand the business even further. &#8220;[The property] lends itself to expansion,&#8221; he told Fox News, saying he wants the buyer to &#8220;make it into something even more special for the city of Cleveland.&#8221;
Fans are also looking forward to a new film titled “A Christmas Story Christmas,” a sequel to the original that features “grown-up” Ralphie (Peter Billingsly) who “must deal with Christmas and all that comes with it, this time as a dad,” according to the description from the streaming site, as The Daily Wire previously <a href="https://www.dailywire.com/news/a-christmas-story-sequel-will-drop-this-year-heres-when-to-expect-it">reported</a>. 
“A Christmas Story Christmas” debuts on HBO Max on November 17.

a street shot of the ‘A Christmas Story’ house

Original ‘A Christmas Story’ House Goes Up For Sale In Cleveland

Original 'A Christmas Story' House Goes Up For Sale In Cleveland

Christmas

Cleveland

Entertainment

Movies

<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Rental</a> costs are continuing to rise across the United States, with some large cities posting decreases in median one-bedroom rent.
According to a <a href="https://www.zumper.com/blog/rental-price-data/">report</a> released on Tuesday by rental platform Zumper, national one-bedroom rent reached $1,503 in September — a figure that reached its ninth high for the ninth consecutive month. Rent is now $1,845 for two-bedroom apartments, indicating another all-time high. However, some metropolitan areas — such as San Jose, California; Miami, Florida; and Nashville, Tennessee — saw moderate month-over-month decreases in average one-bedroom rent.
“The rental market has been very supply constrained for the past five quarters, but there has been a significant shift back towards equilibrium in the past quarter,” Zumper CEO Anthemos Georgiades explained in a press release provided to The Daily Wire. “Occupancy rates and the pace of rent increases are now falling in many major metros, as renter demand softens and fear of recession kicks in, with many renters deciding to stay put or trade down on the most expensive options.”
Meanwhile, cities such as San Francisco, California; Boston, Massachusetts; and Anaheim, California, continued to see rising month-over-month prices for one-bedroom apartments.
The most expensive city in the nation for renters is New York City, where residents pay an average of $3,950 for a one-bedroom unit — a rate that has increased nearly 34% over the past year. The Big Apple is followed by San Francisco and Boston, where rent is $3,100 and $2,890, respectively.
According to Zumper, many metropolitan areas are contending with low availability of housing units. In Seattle, Washington, a competitive housing market is driving would-be homebuyers to search for apartments, prompting the city council to unanimously greenlight a special election that will determine whether officials should create more affordable housing.
Last week, the Federal Reserve <a href="https://www.dailywire.com/news/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy">raised</a> the target federal funds <a href="https://www.dailywire.com/topic/interest-rates">rate</a> 0.75% — a move which followed two identical hikes in June and July — in an attempt to relieve elevated inflationary pressures. The actions have contributed to mortgage rates surpassing 6%, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US">data</a> from government-backed mortgage company Freddie Mac.
“Impacted by higher rates, house prices are softening, and home sales have decreased,” Freddie Mac Chief Economist Sam Khater said in a <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/30-year-fixed-rate-mortgage-increased-quarter-percent-week?_ga=2.218209497.1115799685.1664299903-1989272781.1664299903">press release</a>. “However, the number of homes for sale remains well below normal levels.”
In the second quarter of 2022, the median sale price of a home in the United States was $440,300, according to <a href="https://fred.stlouisfed.org/series/MSPUS">data</a> from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020. Home prices are <a href="https://www.dailywire.com/news/home-prices-mortgage-rates-expected-to-stay-elevated-through-next-year">expected to increase</a> another 4% in 2023 — a relative slowdown from 17.8% in 2021 and 12.8% in 2022.
The high prices have produced a slowdown in home purchases, with the National Association of Home Builders&#8217; Housing Market Index <a href="https://www.dailywire.com/news/united-states-enters-housing-recession">falling</a> last month to its lowest level in the past two years.
Younger American renters have been particularly impacted by the tight real estate market. An <a href="https://www.dailywire.com/news/half-of-millennials-cant-afford-to-rent-a-one-bedroom-apartment-in-californias-biggest-cities">analysis</a> from Filterbuy showed that at least half of Millennials, defined by the company as those between 24 and 39 years old, cannot afford a one-bedroom apartment in many major American cities. For the area surrounding Los Angeles, California, median wages are $36,649, while the annual wage required to affordably rent a one-bedroom apartment is $72,560.

Classic residential buildings in midtown upper Manhattan

Rental Market Remains Brutal Nationwide, Cools In Some Large Cities

Rent Payments Rise Nationwide, Stabilize Or Fall In Some Large Cities

Boston

New York City

San Francisco

Since the early months of the pandemic, many residents have <a href="https://sfstandard.com/research-data/new-analysis-san-francisco-pandemic-population-decline/" target="_blank" rel="noopener">left</a> San Francisco, <a href="https://www.dailywire.com/topic/californiak" target="_blank" rel="noopener">California</a>, and businesses have <a href="https://hotair.com/karen-townsend/2022/06/30/chevron-shrinks-san-francisco-headquarters-offers-to-relocate-employees-to-houston-n479943" target="_blank" rel="noopener">moved</a> the bulk of their presence out of the downtown area, drastically impacting San Francisco’s commercial <a href="https://www.dailywire.com/topic/real-estate" target="_blank" rel="noopener">real estate</a>.
While many <a href="https://hotair.com/john-s-2/2022/09/06/san-francisco-is-facing-a-commercial-real-estate-crash-which-will-impact-city-coffers-n494779" target="_blank" rel="noopener">cities</a> saw people move out during the pandemic, the <a href="https://sfstandard.com/business/san-francisco-braces-for-epic-commercial-real-estate-crash/" target="_blank" rel="noopener">timing</a> for San Francisco is important, as right now, there is over 25 million square feet of commercial real estate currently vacant.
Even with business returning to normal, the city has seen a lot of empty office space recently, but many office leases that were signed during the peak of its economic growth are going to expire over the coming few years. This is going to severely impact not only how many offices are empty — but what those offices are worth. Some landlords are looking for their property values to be lowered and some want to have their taxes reduced since their properties have decreased so much in value. Drastic reductions in commercial property values will also have downstream effects on the tax base.
San Francisco gets most of its revenue from property taxes, so this could harm the funds available to fund programs and pay city workers’ salaries. Proposition 13, a California constitutional amendment, put limits on property taxes, so that might help avoid a sudden crash in the property taxes the state gets.
A <a href="https://itep.sfo2.digitaloceanspaces.com/20211101_PropertyTaxReport.pdf" target="_blank" rel="noopener">November report</a> from the Institute of Taxation and Economic Policy found that San Francisco could experience a short-term drop in commercial real estate values of up to 43%, which was the steepest forecast in the study.
Working trend shifts are contributing to the situation. Many companies have gone remote, and San Francisco disproportionately houses tech companies, which were most likely to go remote, and so they stopped needing as much office space. Yelp and Airbnb, for example, have gone almost entirely remote.
For years, San Francisco has been at times the most expensive place to live in the country. San Francisco has notoriously restrictive building codes that make it extraordinarily difficult to obtain permits for residential construction projects, so it&#8217;s not likely that these reductions in property values will translate to lower rents any time soon.
The city appears to be focusing on revitalizing the downtown. Community organizations and business groups are <a href="https://sfstandard.com/business/4-takeaways-from-the-new-plan-to-rescue-san-franciscos-downtown/" target="_blank" rel="noopener">pressing</a> the city to do more to bring people back to the downtown area with things like art spaces and cultural events, but that may prove to be a difficult task. A recent Urban Displacement Project report ranks <a href="https://www.downtownrecovery.com/dashboards/recovery_ranking.html" target="_blank" rel="noopener">the recovery of San Francisco’s downtown area</a> in last place of more than 60 cities.

239FC968-76DF-4231-87F3-A597B319C6CC_1_201_a

The Commercial Real Estate Crash Coming To San Francisco

The San Francisco, California, Commercial Real Estate Crash

Biden Administration

<a href="http://dailywire.com/topic/pennsylvania?_gl=1*129x109*_ga*OTAwNTI1NTYwLjE2MTM5NzIxMzI.*_ga_CZKR9ZYKJP*MTY2MzA5MjczNi4xMjQzLjEuMTY2MzEwNDIwOC40Mi4wLjA." target="_blank" rel="noopener">Pennsylvania</a> Lt. Governor and Democratic Senate nominee <a href="https://www.dailywire.com/news/the-fetterman-files-pennsylvania-democrat-brings-baggage-to-senate-race" target="_blank" rel="noopener">John Fetterman</a> did not mention his eight properties on federal financial disclosures, even though he has repeatedly mocked Republican rival <a href="https://www.dailywire.com/topic/dr-oz" target="_blank" rel="noopener">Dr. Mehmet Oz</a> for owning multiple real estate holdings.
According to a Tuesday <a href="https://www.factdc.org/post/ethics-watchdog-calls-for-investigation-into-pennsylvania-senate-candidate-john-fetterman">release</a> from the Foundation for Accountability and Civic Trust, candidates are required to submit a financial statement that “provides a ‘full and complete’ statement of their assets, debts, and income, as well as any position held.” For any assets, candidates must “report the complete identity and category of value of any interest in property… with a fair market value exceeding $1,000 as of the close of the reporting period.”
The group determined from county court records that Fetterman owns eight properties in Braddock, Pennsylvania, where he served as mayor from 2006 to 2019. None of the properties appeared on Fetterman’s July 29 disclosure documents.
Though many of the properties — worth a combined $108,800 — are empty lots worth between $10,000 and $20,000, one of the holdings was a building structure worth more than $40,000, according to a <a href="https://www.dailymail.co.uk/news/article-11206847/PA-Senate-candidate-John-Fetterman-failed-disclose-owning-eight-properties.html">report</a> from the Daily Mail. “These properties don&#8217;t produce any income and are not investment properties, so John did not need to disclose them,” Fetterman spokesperson Nicholas Gavio told the outlet.
Foundation for Accountability and Civic Trust Executive Director Kendra Arnold said in a statement that Fetterman was likely required to mention the properties. The group sent a <a href="https://65db7681-e755-4cff-abe7-1d9e373df4db.usrfiles.com/ugd/65db76_9b1ce79e33f542aa931277fd04df78bf.pdf">letter</a> outlining their concerns to Sen. Chris Coons (D-DE) and Sen. James Lankford (R-OK), who lead the Senate Select Committee on Ethics.
“It appears all of these properties should have been disclosed on Mr. Fetterman’s personal financial disclosure,” Arnold explained. “Candidates are well aware of their obligation to comply with the law and have an affirmative duty to do so. Moreover, when a Senate candidate fails to comply with the disclosure laws, it is indicative as to whether they will comply with the law if elected — and it is especially concerning when they don’t.”
Fetterman and his campaign has nevertheless mocked Oz for his multiple real estate holdings — which include a $36 million beachfront mansion in Florida — as well as ambiguity regarding the celebrity cardiologist’s disclosures.
“A house? A property? An investment property? What? Dr. Oz is so out of touch that he doesn&#8217;t even get that real people — people who he claims he will fight for in Washington — don&#8217;t care about the difference,&#8221; Fetterman spokesperson Emilia Rowland <a href="https://www.cbsnews.com/news/dr-oz-palm-beach-mansion-leslie-evans-attorney-immigration-fraud-scheme/">told</a> CBS News last week.
Democrats are hoping that Fetterman will provide a majority in the evenly-divided Senate. However, Fetterman — who leads Oz by a margin of 48% to 44%, according to a recent <a href="https://emersoncollegepolling.com/pennsylvania-2022-fetterman-holds-four-point-lead-over-oz-for-us-senate-shapiro-leads-mastriano-by-three/">poll</a> from Emerson College — <a href="https://www.dailywire.com/news/hell-be-fine-pa-democratic-senate-nominee-cleared-by-doctor-to-campaign-after-suffering-a-stroke-days-before-primary">suffered a stroke</a> days before the commonwealth’s primary election and has since <a href="https://www.dailywire.com/news/new-john-fetterman-video-raises-questions-on-his-fitness-for-office-absolutely-cannot-debate-anyone">stumbled</a> through speeches at multiple campaign appearances. His campaign has not yet <a href="https://www.dailywire.com/news/fetterman-promises-he-will-debate-oz-but-does-not-specify-when-and-where">specified</a> details of a debate with his rival.
Last month, a <a href="https://freebeacon.com/democrats/fetterman-opposes-school-vouchers-for-the-poor-he-sends-his-kids-to-one-of-pas-priciest-prep-schools/">report</a> from The Washington Free Beacon revealed that Fetterman <a href="https://www.dailywire.com/news/democrat-senate-candidate-john-fetterman-opposes-school-choice-vouchers-but-sends-at-least-one-of-his-kids-to-elite-private-school">sends</a> at least one of his children to Winchester Thurston, an elite Pittsburgh private school with a five-figure tuition, despite opposing voucher programs. He formerly argued that “taking money away from public schools and putting them into charter and private schools does not solve anything.”

Lieutenant Governor & Democratic Senate Candidate John Fetterman Holds Campaign Event

Fetterman Mocked Oz For Owning 10 Properties. Fetterman Owns 8, But Didn’t Disclose Them.

Fetterman Failed To Disclose Eight Properties On Financial Disclosures

2022 Election

2022 Midterms

Mehmet Oz

Pennsylvania

<a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">Home</a> prices are beginning to fall in many American cities after nearly two years of increases, according to a report from real estate brokerage Redfin.
Single-family homes have experienced dramatic price hikes since COVID and the lockdown-induced recession. In the first quarter of 2022, the median sale price of a home in the United States was $433,100, according to data from the <a href="https://fred.stlouisfed.org/series/MSPUS">Department of Housing and Urban Development</a>, marking a 34% rise from $322,600 in the second quarter of 2020.
However, many cities where housing prices boomed in the months after the recession are seeing the steepest price declines. Nearly 70% of home sellers in Boise, Idaho, dropped their asking prices last month, representing the largest slowdown in the Redfin analysis. Cities such as Denver, Colorado; Salt Lake City, Utah; and Tacoma, Washington, respectively saw 58%, 56.4%, and 54.8% of homes decrease in price.
“Individual home sellers and builders were both quick to drop their prices early this summer, mostly because they had unrealistic expectations of both price and timelines,” Boise Redfin agent Shauna Pendleton explained in a <a href="https://www.redfin.com/news/home-sellers-drop-prices-july-2022/">press release</a>. “They priced too high because their neighbor’s home sold for an exorbitant price a few months ago, and expected to receive multiple offers the first weekend because they heard stories about that happening.”
Indeed, the National Association of Home Builders’ <a href="https://www.nahb.org/news-and-economics/press-releases/2022/08/builder-confidence-underwater-after-falling-for-eighth-consecutive-month">Housing Market Index</a> indicated that the United States has entered a <a href="https://www.dailywire.com/news/united-states-enters-housing-recession">housing recession</a>, with all three components of the metric — current sales conditions, sales expectations, and traffic of prospective buyers — declining to their lowest levels in the past two years. “Tighter monetary policy from the Federal Reserve and persistently elevated construction costs” led to the phenomenon, NAHB chief economist Robert Dietz remarked.
Buyers are now expecting lower prices amid a cooling real estate market, which has been induced by rising mortgage rates and market expectations for a decline in prices, according to Redfin. Indeed, the 30-year fixed-rate mortgage began <a href="https://www.dailywire.com/news/pending-home-sales-unexpectedly-surge-even-as-mortgage-rates-near-6">climbing</a> at the beginning of 2022, according to data from <a href="https://fred.stlouisfed.org/series/MORTGAGE30US">Freddie Mac</a>, beginning at slightly over 3% in January before nearing 6% in June and moderating to 5.1% as of Monday.
Tampa, Florida; Phoenix, Arizona; and San Diego, California, are also seeing a large number of sellers decrease prices. Among the cities with the lowest share of price drops are McAllen, Texas; Newark, New Jersey; Miami, Florida; and El Paso, Texas.
“My advice to sellers is to price their home correctly from the start, accept that the market has slowed and understand that it may take longer than 30 days to sell,” Pendleton added. “If someone is selling a nice home in a desirable neighborhood, they shouldn’t need to drop their price.”
Government-backed mortgage company <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-market-slowdown-will-continue-high-rates-and-prices?_ga=2.144200565.1999635517.1658409327-1899122076.1653489074">Freddie Mac</a> recently forecasted that home prices would grow at 4% in 2023 — a relative slowdown from 17.8% in 2021 and 12.8% in 2022.
“The Federal Reserve’s action to help manage inflation has created significant volatility in mortgage rates and, by extension, the housing market,” Freddie Mac chief economist Sam Khater said in a <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-market-slowdown-will-continue-high-rates-and-prices?_ga=2.144200565.1999635517.1658409327-1899122076.1653489074">press release</a> last month. “Although house price appreciation will grow at a more moderate rate, home prices remain high relative to homebuyer incomes. Taken together, these factors are exacerbating affordability challenges and causing a slowdown in the housing market.”

Ariel Skelley / The Image Bank / Getty Images

Here Are The Cities Where Home Prices Are Finally Cooling Down

Home Prices Getting Marked Down In Certain Cities

<a href="https://www.dailywire.com/topic/china">China</a>’s collapsing real estate market could throw the world’s second largest economy into chaos and worsen a global economic slowdown.
Chinese developers have lost at least $90 billion in the last year, according to reporting from <a href="https://www.bloomberg.com/news/articles/2022-08-12/china-crisis-wipes-out-90-billion-of-developer-market-value">Bloomberg</a>, as home prices have gone down for the last 11 months. Dozens of developers have defaulted on their debts, and many of them have stopped work on unfinished housing, which has sparked mass outrage and even protests as <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">more than 80%</a> of Chinese homebuyers take out mortgages and begin paying them down before their prospective home is completed.
This arrangement, which was once a source of easily accessible capital in a red-hot housing market, has left countless Chinese consumers holding the bag on half-finished homes that may never be fully constructed. Thousands of homebuyers are refusing to pay mortgages on unfinished properties in a <a href="https://www.economist.com/podcasts/2022/08/17/could-chinas-mortgage-boycotts-threaten-the-global-economy">mortgage boycott</a> that has spread to nearly 100 cities and has affected over 320 development projects.
“It’s gotten to the point where no one is taking care of it. So we naturally also have to defend our own rights,” one boycotter, who remained anonymous to avoid retribution, told <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">The LA Times</a>. “If we the people are not happy, it’s difficult to have a stable society.” She also told the outlet that some homebuyers who demanded answers have been threatened or detained for their trouble.
Over half of household wealth in China is reportedly tied up in housing, so the reversal of fortunes in real estate could have wide-reaching economic consequences.
“We are seeing it everywhere,” <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">said</a> Michael Pettis, finance professor at Peking University’s Guanghua School of Management. “You get these spreading waves, and the bigger the sector is, the more powerful those waves are. And in China, unfortunately, the property sector is huge.”
Beijing has reportedly signaled that whatever rescue efforts take place are to prioritize protecting homeowners over developers, although much of the response has been left to local governments.
“The aim of the rescue measures is to save the property market and household confidence, but not the developers,” <a href="https://www.bloomberg.com/news/articles/2022-08-12/china-crisis-wipes-out-90-billion-of-developer-market-value">said</a> Gary Ng, senior economist at Natixis SA. “As it is unlikely to see significant policy changes, the golden age of fast revenue growth and high leverage for property developers is probably over.”
Local governments are likely to be somewhat handicapped in their response to the crisis, as their budgets were already strained during the COVID pandemic. Furthermore, <a href="https://www.wsj.com/articles/chinas-economy-tested-by-strained-city-finances-11659261600">40% of their revenue</a> has come from land sales, which have dried up in the cratering real estate market that is driving this crisis.
Other economic indicators seem quite grim. Chinese youth unemployment has reached <a href="https://www.ft.com/content/990bda2e-54b0-4712-8b47-065eef49449e">nearly 20%</a>, consumer confidence has hit <a href="https://www.scmp.com/economy/economic-indicators/article/3180029/chinas-consumer-sentiment-hits-record-low-pessimistic">record lows</a> in recent months, and, in a sign that the Chinese government may believe the economy in more dire straits than they’re letting on, the People’s Bank of China (China’s central bank) has lowered interest rates while most of the world is raising them to combat inflation; inflation in China is not as severe as many other major economies, but it is still at a two-year high. Less than a week ago, <a href="https://web.archive.org/web/20220815133732mp_/http://en.people.cn/n3/2022/0812/c90000-10134505.html#.YvpLI_0rx9Y.twitter">Chinese state media indicated</a> that the PBOC would prioritize combating inflation for the remainder of 2022.
Interference from Beijing has put further stress on the Chinese economy — crackdowns on private industry to combat “income inequality” and curb “unscrupulous business practices” have reportedly damaged the tech sector and private tutoring companies. China’s aggressive <a href="https://www.dailywire.com/news/china-faces-economic-slowdown-amidst-covid-lockdowns">“zero-covid” lockdowns</a> continue to <a href="https://www.bbc.com/news/world-asia-china-62547503">disrupt day-to-day</a> life for millions of its citizens and have created widespread despair and uncertainty. Efforts to increase economic investment via greater liquidity may fall flat when Chinese consumers are <a href="https://www.cnbc.com/2022/06/30/pboc-chinese-plans-to-save-hit-a-record-high-in-q2-job-concerns-rise.html">increasingly determined</a> to save whatever money they can rather than spend it.
“In this economy, cash is king, having money on hand is most important,” a 32-year-old construction worker, identified only as Gu, <a href="https://www.latimes.com/world-nation/story/2022-08-15/the-chinese-dream-of-home-ownership-is-crumbling-the-economy-could-go-with-it">told</a> The LA Times.
“China is definitely in a very desperate situation,” <a href="https://www.ft.com/content/990bda2e-54b0-4712-8b47-065eef49449e">said</a> Xingdong Chen, an economist at BNP Paribas. “The problem now is no effective demand. If you don’t allow people to come out and consume … there is no demand.”
A key sign of flagging Chinese demand is the sharp decline in imports, with <a href="https://www.bloomberg.com/opinion/articles/2022-08-16/if-the-china-crisis-deepens-a-global-recession-will-be-much-harder-to-avoid#xj4y7vzkg">commodities like</a> iron and copper ore dropping drastically. China is a leading consumer of commodities on the global market, and a drop in demand for industrial materials could have major ramifications in developing countries in Africa and Latin America.
The world economy is already in a fairly precarious state: supply chains for vital resources such as gas, oil, and grain have been disrupted by the ongoing <a href="https://www.dailywire.com/topic/ukraine-russia-war">Russian invasion of Ukraine</a>, food shortages and famine are expected in <a href="https://www.dailywire.com/news/asian-african-nations-face-famine-as-ukraine-crisis-hits-global-food-supply">much of the developing world</a>, and <a href="https://www.dailywire.com/news/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth">by all reasonable definitions</a>, the U.S. is in a recession. The potential fallout from an economic catastrophe in China is difficult to gauge.
The ongoing conflict over the independence of <a href="https://www.dailywire.com/topic/taiwan">Taiwan</a>, for example, could be affected in myriad ways. On one hand, Xi Jinping, who is widely expected to seek an unprecedented third term as president to become the longest-serving ruler of China since Mao, may ratchet up tensions or even invade Taiwan to gin up nationalist support and distract from domestic woes. Alternatively, a flailing economy might convince him that China is not in a strong enough position to take the island or risk further disrupting its economy by destabilizing a major trading partner.

Abandoned Construction Site

Chinese Real Estate Collapse Throws Economy Into Crisis

Real Estate Collapse Throws China's Economy Into Crisis

China

Chinese Communist Party

Recession

Xi Jinping

A Chicago woman in the process of renovating her home to sell it found a squatter living inside, and there is little, if anything, she can do to get her out.
Danielle Cruz was renovating her home in the Chatham neighborhood of <a href="https://www.dailywire.com/topic/chicago">Chicago</a>. She had listed the home for sale. But last month, a contractor who came to the home to perform some final repairs found the locks changed and a young woman with all her belongings living in the home. Cruz and her husband called police, but because the young woman showed them a lease agreement, they could not evict her.
&#8220;We honestly thought [the contractor] was joking because we knew the house was vacant,&#8221; Cruz told <a href="https://abc7.com/stranger-moves-into-cihcago-house-for-sale-chicago-homeowner-battle-with-squatter-problems-houses/11935474/">ABC7</a> Chicago Tuesday. &#8220;My husband just repaired the house completely with his own money. So, we show up with the cops, and there&#8217;s a young woman in there with all of her belongings.&#8221;
According to Cruz, the woman told police that she saw an online listing advertising the home for rent. She then signed a month-to-month lease, including an $8,000 upfront payment, with someone claiming to be the landlord, and began living in the home. Cruz told ABC 7 that she had never met the woman, nor did she lease the property to her.
&#8220;Officers made contact with the individual inside the residence who related she met with an unknown male who claimed to be the landlord of the residence,&#8221; Chicago police said in a statement, via ABC 7. &#8220;She also related she had signed a lease and paid a deposit prior to receiving keys to the residence from the individual claiming to be the landlord. Responding officers advised the owners of the home of eviction procedures.&#8221;
&#8220;The Sheriff&#8217;s Office is responsible for removing people from their home when they fail to pay their rent or mortgage,&#8221; the Cook County Sheriff&#8217;s Office added in a statement of their own. &#8220;There is a clear civil process that individuals follow when that occurs. When someone breaks into a home that is up to the local police department to establish the law they violated and pursue that as a criminal matter.&#8221;
Cruz may have been victimized by a growing trend of scams run on vacant homes. A Google search of the phrase &#8220;squatter scam&#8221; brings up a number of results indicating that these scams are being run nationwide. According to a 2017 report from the <a href="https://www.indystar.com/story/news/crime/2017/06/08/how-squatters-move-into-vacant-homes-and-scam-renters/357994001/">Indianapolis Star</a>, the scams became popular in recent years, with a combination of a poor economy and local issues with vacant homes. The scam works like this: a con artist will identify a vacant home, be it abandoned, foreclosed, or even just up for sale. The scammer will then change the locks on the house, and present an otherwise unsuspecting tenant with a counterfeit lease agreement printed off the internet, and a set of keys.
Chicago real estate attorney Mo Dadkhah said he has seen this phenomenon before. &#8220;Unfortunately, it&#8217;s becoming more and more common,&#8221; he told ABC7. Dadkhah suggested that the individual could either be a victim of such a scam, or she could have moved in herself, created a fake lease, and presented that to police.
&#8220;So, generally speaking, squatters have to figure out a way to show some sort of residency,&#8221; the lawyer said. &#8220;So I&#8217;ve heard a variety of stories &#8212; forged leases with the landlord&#8217;s name, I&#8217;ve seen forged leases with realtors&#8217; names.&#8221; In any case, police officers have no way to determine whether the documents are real or not, so they have no recourse to arrest or evict the squatter. Dadkhah said the case has to proceed through the Cook County eviction courts, which are currently backlogged. &#8220;The process could take six, 12, 18 months,&#8221; he said.
&#8220;I definitely do feel violated,&#8221; Cruz said. &#8220;Like I said, we may not live here, but it&#8217;s still our property. I own this house, and it feels like if anyone can just break into your house and kind of take over &#8211; that&#8217;s a scary feeling.&#8221;

chicago houses

Chicago Woman Found A Squatter In Her Home. She Can’t Kick Her Out.

Chicago Woman Found A Squatter In Her Home. She Can't Kick Her Out.

Chicago

Crime

Illinois

New data <a href="https://finance.yahoo.com/news/something-big-happening-housing-market-211500249.html">show</a> that the “hot” housing market — which sent home prices sky-high — could now be changing course.
Recent <a href="https://www.foxbusiness.com/economy/new-home-sales-plunge-april">data</a> from the Census Bureau showed that new home sales went down by 16.6% in April from the previous month. Analysts had expected a drop of 1.7%. That’s the fourth month in a row that new home sales have gone down. Existing home sales slipped 2.4% month over month, according to the <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales">National Association of Realtors.</a>
The short supply of homes for sale, which has been a big problem, is now on the rise, and demand for homes seems to be going down as fewer people are touring homes. <a href="https://www.redfin.com/news/housing-market-update-record-spke-in-price-drops/">Redfin</a> reported that 15% of people selling a home in April reduced their asking price. A year ago, only 9% of homeowners did a price drop.
Hikes in interest rates are likely a big part of it. The Federal Reserve has tried to calm down the housing market by increasing rates over the last few months. In December, the average 30-year fixed mortgage was 3.11%, and recently the number’s been over 5% — the highest rate since 2009.
The higher rate means people can&#8217;t afford to borrow as much, as they are looking at a much higher mortgage, and some are delaying buying homes altogether. However, the prices aren’t going down immediately — while they are dropping, most homes are still selling for more than their asking price and selling very quickly.
Some experts say that it’s also going to take some time to get through the high demand created by a shortage of inventory over the past several years. Essentially, there’s a backlog of buyers lined up to get homes, but once that backlog of buyers runs out, the housing market could drop further.
The rise in interest rates means that Americans are spending significantly more of their paychecks on housing now than just a few months ago. In December, the average American household would have to pay 24% of its monthly income to pay a mortgage on the average-priced home in the U.S. By May of 2022, the average American would have to spend 34% of their income to pay for the same house, according to <a href="https://www.blackknightinc.com/">Black Knight</a>, a mortgage tech and data provider. Again, that’s the biggest number since 2006.
As far as whether or not Americans are in a housing bubble, it depends on who you ask. Some experts are saying we’ve seen similar conditions in the lead-up to past housing bubbles. Mark Zandi, a chief economist of Moody’s Analytics, told Fortune that increasing mortgage rates should create year-over-year growth of home prices to go down to zero by this same time period next year. Right now, year over year growth is up 19.8%. If that happens, it would be the slowest home price growth rate since April 2011 to April 2012.
Zandi said he is anticipating that some of the most overpriced housing markets in the U.S. will actually go down between 5 to 10% over the next year. Specifically, he pointed to Charlotte, North Carolina, and Phoenix, Arizona, as locations where this correction of house prices could happen. However, those cities aren’t alone. <a href="https://fortune.com/2022/05/02/home-prices-in-these-markets-could-fall-moodys-says/">An analysis provided by Moody’s Analytics to Fortune</a> found that 96% of regional housing markets are overvalued, some by more than 30%.
Another <a href="https://fortune.com/2022/05/09/housing-bubble-watch-housing-markets-are-beginning-to-look-like-they-did-in-2007/">analysis</a> by the Real Estate Initiative at Florida Atlantic University found that every one of America&#8217;s 100 biggest housing markets are overvalued.
There are still other analyses out there that predict that home prices will hold steady and may even increase in the next year.

0B7C9BC1-6313-4CEC-98D6-6EDECFAE18DD_1_201_a

The Housing Market Cools Down

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